Xstrata's shareholders (the biggest of which is Glencore with 34%) can now vote separately on approving the deal and on giving the bosses windfalls for continuing to come to work.

The next five biggest shareholders are the Qatar Investment Authority (11.9%), Blackrock (4.2%), the Norwegian investment bank NBIM (3%), Credit Suisse (2.8%) and Legal & General (2.2%), according to Reuters data.

Glencore shares rose at a slightly more muted level of 2.2p, 0.6%, at 345.4p.

Reaction was mainly positive, with analysts agreeing the deal (seven-months and counting) is getting near

Mike van Dulken, Head of Research at Accendo Markets, said:

The recommended offers gives shareholders the chance to approve the deal and/or the remuneration packages separately, however, key today is the fact that it doesn't allow the payment element to be something that scuppers the deal on its own. While the board's recommendation is for approval of both, it is a recommendation rather than a condition. With the share ratio having been on hinge-factor from the off and then retention payments becoming another, the new offer is designed to remove the chance of the later leading to further delays and hurry up termination of the 7-month saga after major shareholders recently warmed to an improved share offer (3.05 GLEN shares vs. 2.8 initially). The deal is not done - not just yet, however, Xstrata shares up almost 3.0% today would suggests investors/traders see an endgame being closer.

And Killik & Co said in a note what could be the benefits of the combined company:

"We believe the new combination will be an attractive one. It will be the first vertically-integrated commodities business, with a strong position in thermal coal, copper, zinc, lead and ferrochrome. By being present at each stage of the commodities chain, the group will have superior market insight and access to opportunities, particularly in emerging pinch points in the new commodities chain. The merged entity will benefit from increased economies of scale in terms of project development, M&A clout, marketing and purchasing."